The Hedera blockchain assisted LG Electronics, a television business with headquarters in Seoul, in the launch of a new NFT platform. The platform of the business is known as LG Art Lab.
According to a statement, it will allow to buy, sell, and exhibit digital art in the form of NFTs on their televisions.
LG is not the first significant business to notice an opportunity in the NFT market. In June, the Swiss watchmaker Tag Heuer unveiled a new technology that allowed users to show NFTs on the face of specific smartwatches.
LG Art Lab is accessible in the US on televisions running webOS 5.0 or later.
In addition, it has a feature that provides artist profiles and previews of their upcoming work as well as a countdown to impending NFT “drops.”. A space for trading parts is offered via the platform’s marketplace.
The new platform is powered by the Hedera network, and transactions are handled by Wallypto, an LG-patented mobile cryptocurrency wallet that is presently in beta testing.
NFTs will now move “beyond being computer-based collectibles and toward becoming a piece of art displayed like any other artwork would be within the house of its owner,” according to Christian Hasker, CMO of Swirlds Labs, the company that developed Hedera.